Shares of Guitar Center Inc. fell nearly 8 percent after the company lowered its earnings estimate for the third quarter.

The Westlake Village -based music instrument and accessory retailer said Friday that it was cutting its third-quarter forecast to 36-38 cents per share from 40-46 cents. A year ago, the company earned 51 cents per share in the third quarter.

“Our performance for the third quarter was not in line with our expectations,” said Marty Albertson, the company’s chief executive, in a press release. “We experienced uneven sales in both our Guitar Center and Musician’s Friend divisions.”

The company blamed the performance on soft sales for the first two months of the quarter, compounded by higher marketing and promotional expenses.

Shares closed down nearly 8 percent to $42 after hitting a 52-high of $62.45 about a year ago.